Makati—(PHStocks)—Roxas and Co. Inc. (PSE: RCI) today entered into a joint venture with Sigma Synergies, Inc. to establish an PhP881 million coconut processing facility in Tupi, South Cotabato. The plant is slated to be operational by the fourth quarter of 2016.
RCI Chairman, President & CEO Pedro E. Roxas said the joint venture company, which shall be named Roxas Sigma Agriventures, Inc., will operate the plant in Tupi, South Cotabato within the SOCCSKSARGEN region, an area rich with coconut plantations of good quality and strategically located near the General Santos port facilities.
“Once operational, the facility will be able to process at least 200 metric tons per day of coconuts to produce coconut water concentrate, coconut milk, coconut cream and virgin coconut oil (VCO), mostly for export,” Roxas said.
The Philippines is considered the biggest coconut exporter in the world.